Block.one to shift Gears to the Crypto Scene with its $10B Venture after Lawsuit Settlements

by Bitcoinarama BOT
0 comment

As legal battles steer clear of Block.one’s periphery, the company could now set its sights on making a huge impact in the blockchain and crypto space. The EOSIO developer recently settled a class action lawsuit and says that its focus is now on meeting its crypto business mandate.

Through a blog post it published on Friday, the company announced that they had reached a settlement agreement related to the 2018 EOS initial coin offering with several of its investors including the Crypto Assets Opportunity Fund.

If the court approves this agreement, the blockchain software firm will settle for $27.5 million. This figure is similar to the fine Block.one remitted to the United States Securities and Exchange Commission in October 2019.

The EOS ICO Controversy

The EOS ICO brought in over $4 billion and became marred with controversy after allegations emerged that the tokens were sold to U.S. investors. Other participants of this class action lawsuit alleged that Block.one gave false and misleading statements, thereby deceiving investors.

A statement from Block.one pertaining the settlements asserts that: “Block.one believes this lawsuit was without merit and filled with numerous inaccuracies. However, accepting this settlement allows us to focus more time and energy on running our business and delivering new products.”

Shifting Gears to Other Projects

The company recently announced its plans for the crypto space by spelling out the launch of Bullish Global, a tech subsidiary focused on bridging the digital and traditional digital asset spaces. Through this announcement, the company claims to have raised $10 billion to establish this new venture. In addition, there are plans to launch a hybrid cryptocurrency exchange platform. This Bullish exchange is will bring in new automated market making, lending, and portfolio management tools to ensure the users get to experience the functionality previously monopolized by the key players of traditional finance.

Major players like serial investor Peter Thiel and Galaxy Digital’s Mike Novogratz have come out in support of Block.one’s latest venture. Alan Howard and Louis Bacon, hedge fund managers, also took part in raising $300 million for Bullish Global.

Block.one is fully focused on its new venture after the company reportedly channeled its BTC holdings, about 164,000 BTC estimated at $9 billion at that time, in their new project. The company also injected into the new venture, $100 million coupled with 20 million EOS tokens.

Image courtesy of Quoteinspector

Original post appeared on CryptoUnit.com - Block.one to shift Gears to the Crypto Scene with its $10B Venture after Lawsuit Settlements

Related Posts